Ives v. Jacobs
New York Supreme Court
Motion to set aside verdict and for a new trial. The two promissory notes, on which this action was brought, were delivered by Lindau (the maker and payee thereof) to one Breck, with Jacobs as prior indorser thereon (for accommodation and without consideration), and by Breck directly passed to the plaintiff, in payment of an indebtedness for merchandise sold by plaintiff to Breck, and by him previously received.
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Motion to set aside verdict and for a new trial. The two promissory notes, on which this action was brought, were delivered by Lindau (the maker and payee thereof) to one Breck, with Jacobs as prior indorser thereon (for accommodation and without consideration), and by Breck directly passed to the plaintiff, in payment of an indebtedness for merchandise sold by plaintiff to Breck, and by him previously received. Mr. Lindau, owing money to Breck, had given to Breck, as collateral, his (Lindau’s) notes, of three months each, with Jacobs’ indorsement for Lindau’s accommodation, to be held until…
1Opinion of the CourtPitshke, J.
The answer distinctly sets up that the transfer unto the plaintiff of the notes in suit, though before maturity, was not for value; and the indorsement by Jacobs was solely for the makers accommodation, for which Mr. Jacobs received no consideration whatever. If the *153plaintiff is not an indorsee for a valuable consideration, the ■question as regards his having had notice of the averred “ diversion ” of said notes becomes immaterial; for if not •such an indorsee, he stands just where his transferor stood. That is the whole of this case—even were the plaintiff a transferee without notice of any…
2Cases cited16 opinions
- Weaver v. . BardenNew York Court of Appeals · 1872
- Baker v. New York National Exchange BankNew York Court of Appeals · 1885
- Grocers' Bank v. Buffalo & PenfieldNew York Court of Appeals · 1877
- Moore v. . CrossNew York Court of Appeals · 1859
- Cohn v. . GoldmanNew York Court of Appeals · 1879
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